SUI cryptocurrency lost its critical $3.00 support level, confirming a bearish trend as both RSI and DMI reflect increased selling pressure.
Head and Shoulders Breakdown and Market Reaction
Analyst Ali Martinez detailed the formation of the Head and Shoulders pattern preceding the $3.00 support break. The neckline was breached around $2.80, amplifying bearish sentiment. Historically, breaking this key support has signaled further potential price declines.
Technical Indicators Indicate Selling Pressure
The Directional Movement Index (-DI) at 26.26 surpasses +DI at 14.69, confirming sellers’ dominance. An Average Directional Index of 29.60 indicates a strong trend. Meanwhile, the MACD line (-0.28) remains lower than the signal line (-0.19), and the histogram stays in the red zone, indicating ongoing selling pressure.
Key Focus Points and Potential Price Actions
A move above $3.00, supported by strong buying volume, could signal possible recovery. A MACD crossover and reduced -DI strength could support this. However, if the price remains under $3.00, further declines towards $2.50 or $2.20 are possible. A rising ADX above 30 and continued MACD weakness would confirm ongoing bearish momentum.
Traders are closely observing SUI price movements to see if it will recover or continue falling.
